The revenue of companies accounted for under the equity method breaks down as follows (data reflecting the Group’s share):
| 2021 |
2020 | |||||
|---|---|---|---|---|---|---|
| (in € millions) | Associates | Joint ventures | Total | Associates | Joint ventures | Total |
|
Revenue (*) of which concessions of which VINCI Energies of which VINCI Construction of which VINCI Immobilier |
1,000 394 29 576 1 |
1,608 549 23 616 420 |
2,608 943 52 1 192 421 |
1,069 521 26 521 1 |
1,390 579 24 530 257 |
2,459 1,100 50 1,051 257 |
(*) Excluding concession subsidiaries’ revenue derived from works carried out by non-Group companies.
In accordance with IAS 28, the Group’s recognition of its share of contingent losses at associates and joint ventures is limited to its liabilities. At 31 December 2021, losses thus unrecognised amounted to €193 million (€185 million at 31 December 2020).
The main features of concession and PPP contracts are given in Note F, “Concessions: PPP contracts, concession contracts and other infrastructure”. The list of companies accounted for under the equity method is available on the Group’s website at https://www.vinci.com/vinci.nsf/en/investors-composition-group.htm
The financial statements include certain commercial transactions between controlled subsidiaries and associates and joint ventures.
The main transactions are as follows:
| 31/12/2021 |
31/12/2020 | |||||
|---|---|---|---|---|---|---|
| (in € millions) | Associates | Joint ventures | Total | Associates | Joint ventures | Total |
| Revenue | 306 | 314 | 620 | 302 | 305 | 606 |
| Trade receivables | 42 | 83 | 126 | 46 | 73 | 120 |
| Purchases | 4 | 29 | 33 | 4 | 20 | 24 |
| Trade payables | 1 | 4 | 5 | - | 2 | 2 |
At the balance sheet date, shares in unconsolidated subsidiaries and affiliates are measured either at their fair value through profit and loss or through equity, depending on the choice made at initial recognition, as detailed below. The fair value of shares in listed companies is determined on the basis of the stock market price at the relevant balance sheet date. For unlisted shares, if their fair value cannot be determined reliably, they continue to be measured at their initial fair value, of which the best estimate is the cost of acquisition plus transaction costs, adjusted for any increases or decreases in value determined by analysing the change in the proportion of equity. Whenever further shares in subsidiaries and affiliates are acquired, an analysis of the Group’s management intention is carried out to determine whether they will be measured at fair value through profit and loss or through equity.
At 31 December 2021, “Financial assets measured at amortised cost” mainly comprised receivables relating to shareholdings, such as shareholders’ advances to subsidiaries managing concessions or PPP projects.
| (in € millions) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Financial assets measured at amortised cost (*) |
Financial assets measured at amortised cost (*)31/12/20211,161 |
Financial assets measured at amortised cost (*)31/12/2020 1,034 |
| PPP financial receivables (*) |
PPP financial receivables (*)31/12/2021210 |
PPP financial receivables (*)31/12/2020 252 |
| Equity instruments |
Equity instruments 31/12/20211,078 |
Equity instruments 31/12/2020 951 |
| Other non-current financial assets | Other non-current financial assets31/12/20212,450 |
Other non-current financial assets 31/12/2020 2,237 |
(*) Information relating to “PPP financial receivables” is provided in Note F.14 and information relating to “Financial assets measured at amortised cost” is provided in Note H.18.
During the period, the change in equity instruments broke down as follows:
| (in € millions) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Net at beginning of period | Net at beginning of period31/12/2021951 |
Net at beginning of period 31/12/2020 158 |
| Acquisitions during period |
Acquisitions during period 31/12/202164 |
Acquisitions during period 31/12/2020 19 |
| Acquisitions as part of business combinations |
Acquisitions as part of business combinations 31/12/20213 |
Acquisitions as part of business combinations 31/12/2020 - |
| Changes in fair value |
Changes in fair value 31/12/202156 |
Changes in fair value 31/12/2020 - |
| Impairment losses |
Impairment losses 31/12/2021(3) |
Impairment losses 31/12/2020 (10) |
| Changes in consolidation scope |
Changes in consolidation scope 31/12/2021- |
Changes in consolidation scope 31/12/2020 837 |
| Other movements and currency translation differences |
Other movements and currency translation differences 31/12/20218 |
Other movements and currency translation differences 31/12/2020 (54) |
| Net at end of period | Net at end of period31/12/20211,078 |
Net at end of period 31/12/2020 951 |
Equity instruments mainly include VINCI’s stake in Groupe ADP, which has been measured at fair value through profit and loss since 15 December 2020, along with shareholdings in subsidiaries that do not meet VINCI’s minimum financial criteria for consolidation.
